Tea industry calls for suspension of promotion levy

The tea industry has once again called on the authorities to suspend the Tea Promotion Levy; however, this time the request was put forward so that the sector receives the necessary relief from the current challenges faced due to the coronavirus (COVID-19) pandemic.

LOLC receives US $ 422mn as proceeds of PRASAC Cambodia sale

The LOLC group in a recent statement said it has received US $ 422 million as the first tranche of the proceeds of the PRASAC Cambodia sale.

ADB triples COVID-19 response package to US $ 20bn

The Asian Development Bank (ADB) has tripled the size of its response package to the novel coronavirus disease (COVID-19) to US $ 20 billion and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

Central Bank ready to provide liquidity support to finance companies

In a fresh move to provide further support to the licensed finance companies (LFCs), which are engaged in passing down the relief to their borrowers affected by the pandemic, the Monetary Board has decided to provide them with liquidity from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS).

COVID-19 could alter SL’s strategic economic focus to food security & agriculture: Report

As Sri Lanka’s early but extreme actions to contain the spread of the new coronavirus is bearing fruit and the government is contemplating on reopening the economy by at least from May or even before, the pandemic could easily alter the country’s strategic economic focus to food security and agriculture and such sectors would attract revived attention in the coming decade, according to Softlogic Capital PLC.

Spreading Hope & Joy During Avurudu

As an Avurudu initiative (Sri Lankan New Year), Ride for Ceylon (R4C) in partnership with Coca-Cola Sri Lanka, Texus Group and with the support of the Nugegoda Police division, distributed Avurudu goodie bags to over 1500 daily wage-earning families in Colombo & the suburbs, who are currently without any income till the curfew is lifted. The objective was to bring some hope and joy to these families by giving something special they could enjoy wi

Post COVID-19 tourism and Sri Lanka’s readiness, is this the time for female entrepreneurs to enter the homestay market?

COVID-19 is causing catastrophic damage globally and the world is in lockdown. Without even a missile being fired it seems like the world is at war. People are violently sick, dying, healthcare systems are stretched to the maximum and even first world countries seem unable to cope with the speed at which the virus is spreading.

LOLC concludes US$603mn sale of PRASAC amidst turbulent global economic conditions

In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms.

Sri Lanka Insurance joins hands with ayubo.life to provide online medical care

Sri Lanka Insurance Corporation (SLIC) in collaboration with ayubo.life provides free access to online medical care to SLIC policyholders.

Ceylinco Life opens multiple channels to interact with customers staying home

Ceylinco Life has announced it is offering multiple online payment and communications options as well as facilitation of settlement of claims, to ensure policyholder requirements are met as they stay safe in their homes to protect themselves, their families and the community against the spread of COVID-19.

DFCC Bank offers convenient and safe banking

DFCC Bank, as a premier commercial bank in Sri Lanka and the Bank for Everyone, is committed to serving the nation, catering to the needs of the bank’s loyal clientele.

Janashakthi Life records a double-digit growth in 2019

In its milestone 25th year of operation, leading insurer, Janashakthi Insurance PLC recorded an impressive growth of 30 percent in the first-year premiums for the financial year of 2019, with gross written premiums (GWP) of Rs.3.5 billion.

US threatens to block China Telecom from its market

The United States has threatened to cut off Beijing-controlled China Telecom from serving the US market because of legal and security risks, announced the Justice Department.

Top oil producers except Mexico agree to output cuts: OPEC

Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said yesterday, after marathon talks to counter a collapse in prices.

PickMe’s Mevan Peiris makes it to Forbes ‘30 Under 30’ Asia 2020 list

Sri Lanka’s Mevan Peiris has put the country under fresh spotlight on the global stage by making it to the prestigious Forbes ‘30 Under 30’ Asia 2020.

Colombo Rubber Auction held successfully under strict health security measures

The Colombo Rubber Traders’ Association (CRTA) with the approval of the government and Health and Indigenous Medical Services Ministry commenced its weekly auctions beginning with one auction per week at the Ceylon Chamber of Commerce on April 9 at 2.00 p.m.

Asian markets rise after Fed stimulus boosts Wall St

Asian markets were mostly higher yesterday after the latest US coronavirus stimulus measures boosted Wall Street overnight.

Govt. to re-introduce PAYE tax for employee convenience

The government has decided to re-introduce the Pay As You Earn (PAYE) tax as an advance personal income tax to be deducted by the employer, after considering pleas from employees, the Department of Inland Revenue (IRD) announced.

EDB requests all exporters to resume operations following New Year holidays

Sri Lanka’s Export Development Board (EDB) appeals to all exporters to resume operations following the Sinhala and Tamil New Year holidays next week in order to ensure the sustainability of the economy as Coronavirus (COVID-19) pandemic is deteriorating foreign inflows to the country.

First Capital optimistic of economic rebound from 3Q despite risks

First Capital Research expects the Sri Lankan economy to rebound starting from 3Q20 onwards and hit 2.4 percent growth for the full year if it can be re-opened gradually from the end of April provided the government’s strict guidelines on social distancing prove successful with near zero new COVID-19 cases reported by mid April.

Supply lines continue uninterrupted

Essential goods being taken to wholesalers in Pettah during curfew hours yesterday. The government announced that the curfew in Colombo, Gampaha, Kalutara, Puttalam and Kandy districts will continue to be in effect until further notice. Pic by Pradeep Pathirana

Extended curfew leads apparel sector to crumble further!

Sri Lanka’s apparel sector is crumbling further as the prolonged curfew in place to contain the coronavirus outbreak, has placed the industry at a disadvantage with buyers choosing to divert orders to competitors due to lack of clarity as to when operations would resume.

SL awaits unveiling of special IMF package to seek help

As the economic fallout is becoming severe with the prolonged lockdowns in place to contain the spread COVID-19, the Sri Lankan government is likely to seek the support of the International Monetary Fund (IMF), but is awaiting the for the multilateral lender to set up a specific package designed to mitigate impacts from the virus.

Economists debate over best response to fight COVID-19 while keeping economies less hurt

Two economists recently vacillated between the current suppression strategy practiced by the Sri Lankan government by way of curfews and lockdowns and a mitigation strategy practiced in some East Asian countries to see which offered the best way forward to stem the spread of COVID-19 while keeping the economy humming.

Tea Board plans social media campaign to promote black tea as immune booster to fight COVID-19

The Sri Lanka Tea Board (SLTB) is planning to carry out a promotional campaign globally on social media promoting Ceylon black tea as an immune booster to fight the coronavirus (COVID-19) disease.

CB introduces further measures to preserve foreign reserve position

The government and the Central Bank yesterday introduced further measures to preserve the foreign currency reserve position of Sri Lanka.

PwC forecasts Sri Lanka’s economic growth to fall below 2% this year

PricewaterhouseCoopers (PwC) expects Sri Lanka’s economic growth to fall below 2.0 percent, the lowest since 2011 with further pressure on Sri Lankan rupee amid coronavirus (COVID-19) pandemic.

ICRA Lanka revisits default recognition approach amid loan moratoriums

As loan moratoriums came into effect and discretion given to banks to make modifications to payment terms and loan contracts with borrowers, ICRA Lanka said they revisited their default recognition approach, which otherwise places entities under default category for simply failing to service their loans.

IFC hails PickMe for paramount role in delivering essential items during crisis

IFC, the largest global development institution and member of the World Bank Group, hailed PickMe’s agility in crises response and its effective, safe and reliable essential item delivery service during the COVID-19 crisis.

NTB deploys mobile ATMs to areas in Western Province

Focused on providing support and service during this challenging time, Nations Trust Bank (NTB) has commenced deployment of mobile ATM services to many areas in the Western province.